Twisting is a deception that persuades an insured/owner to cancel, lapse, or switch policies to the prejudice of the insured/owner.
Which of the following will not be considered unfair discrimination by insurers?
Insurers will not consider which of the following to constitute unfair discrimination? Benefits and coverages are discriminated against based on the insured’s behaviors and lifestyle. Individual coverage cannot be canceled due to a change in marital status, either.
Which of the following is another term for an authorized insurer?
An approved insurer, also known as an admitted insurer, is a person or firm that meets the requirements of a state insurance department and has been granted permission to do business in that state by the relevant authority.
When transacting business in this state an insurer formed under the laws of another country is known as a an?
(A) An alien insurer is one constituted under the laws of a different country.
Which of the following factors does an insurer use the most to determine the extent of disability benefits that it will promise in a contract?
Which of the following variables is most important to an insurer when determining the amount of disability payments it will promise in a contract? c- The insured’s income; the policy specifies the amount of disability benefits that will be offered to an insured.
What is insurance misrepresentation?
Misrepresentation a false or misleading statement that allows the insurer to invalidate the insurance contract if it is intentional and material.
What does Defamation mean in insurance?
Defamation is defined as any inaccurate and unfavorable written or oral expression about a person or entity. Defamation lawsuits are often covered by media liability and general liability policies (although general liability policies exclude such coverage for insureds engaged in media businesses).
Who is an Authorised insurer?
An approved insurer is a person or a firm that has received authorisation from the state’s competent authority to operate the business of granting insurance coverage in that state. Because different states have different regulatory rules, the right to sell insurance is granted by the state’s insurance commissioner or another connected official. Whoever grants the authorization, however, must provide a current certificate of authority.
Which of the following is the basis for a claim against an insurance policy?
A claim against an insurance policy is based on which of the following? Third-party property damage for which the insured is legally responsible.
What is a material misrepresentation?
A major misrepresentation occurs in an insurance contract when the insured makes an incorrect statement that: 1) is material to the risk acceptance; and 2) would have affected the rate at which insurance would have been supplied or the insurer’s decision to offer the contract.